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the alternative minimum tax which all of us, again, agree should not apply to 26 million americans. we agree on that. let's vote on that. let's create that certainty and move forward. let's create a path to move forward to deal with comprehensive tax policy in a fair and responsible way and let's deal with the deficit and the balance in a fair away. john boehner basically said no to all of that. and that's really not acceptable leadership. >> is there any -- should harry reid amend the bill that the house sent over at all? the fact is, harry reid has -- needs to add republican cooperation. he wants to say, look, this isn't a game. this isn't show. you know, i can bring out a bill, pass a bill. if john boehner says i'm not going to look at that, what's the point? let's make something happen here. that is what the american people are looking for. we're concerned about the fiscal and economic policies. there's a recovery period that we're experiencing to put more challenges before the economy both consumers and investors. let's create certainty. let's make sure that we pass tax cuts fo
the alternative minimum tax which all of us, again, agree should not apply to 26 million americans. we agree on that. let's vote on that. let's create that certainty and move forward. let's create a path to move forward to deal with comprehensive tax policy in a fair and responsible way and let's deal with the deficit and the balance in a fair away. john boehner basically said no to all of that. and that's really not acceptable leadership. >> is there any -- should harry reid amend the...
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Dec 30, 2012
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and they are taxed again at the individual level. with the dividend and capital gains taxes. george bush, to his credit, tried to do something about that and he chopped the dividend and capital gains tax down to 15%. the effect of that was to reduce the incentive for corporations to take on too much debt. if you tax equity too much, corporations take on too much debt. then it's more likely that they become bankrupt and to destabilize the whole system. gerri: you talk little bit about competitiveness. let's detail that. low capital gains is important to our nation's competitiveness. but also, to the competitiveness of these companies that we are talking about. >> absolutely. let's say that you are a young indian or chinese entrepreneur with a science degree or engineering degree and you gradua from mit. you want to start a high-tech company. would you started in the united states, where you're getting from your company years down the road will be taxed at 30%, or would you started in china or india where the capital gains tax rate is zero? many of our major partners have zero
and they are taxed again at the individual level. with the dividend and capital gains taxes. george bush, to his credit, tried to do something about that and he chopped the dividend and capital gains tax down to 15%. the effect of that was to reduce the incentive for corporations to take on too much debt. if you tax equity too much, corporations take on too much debt. then it's more likely that they become bankrupt and to destabilize the whole system. gerri: you talk little bit about...
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Dec 31, 2012
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a small down payment, a tax rate increase and some of the spending measures and some of the other tax measures and perhaps instructions for the next six to eight months to congress to work on entitlement and spending reform and broader tax reform package. but all those specific details when you talk about entitlements and spending on the bigger side. $3-4 trillion deal that would have to be filled in over the next year. >> all right. rich, we appreciate it. just a reminder, 5:00 a.m., cheryl casone will have the latest on overseas trading but also any potential deal or leak that has a deal may be in the works. find out right here on the fox big network. fox business network team starting here at 5:00 a.m. here in new york city. that wraps it right now. we're going to go back to our programming. we are talking cometely off-the-cuff, but we know will not be at 250. i think carrie reed has problems from new york like dianne feinstein of california, and 250 will be a big pill to allow. this is a fiscal cliff that we can have 50 days, 60 days down the road. it does not fix the problem if y
a small down payment, a tax rate increase and some of the spending measures and some of the other tax measures and perhaps instructions for the next six to eight months to congress to work on entitlement and spending reform and broader tax reform package. but all those specific details when you talk about entitlements and spending on the bigger side. $3-4 trillion deal that would have to be filled in over the next year. >> all right. rich, we appreciate it. just a reminder, 5:00 a.m.,...
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Dec 28, 2012
12/12
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taken out because of the payroll tax, or they are going to lose deductions. most of the time they won't see a big deal until their first paycheck next year comes in. >> linda, president of tax masters in rockville, thanks for joining us and answering our viewers question. >> thank you, matt. >> highway officials throughout the region are warning holiday weekend travelers to stay off the roads if possible, he is special tomorrow morning. >> reporter: i'm scott broom in maryland where highway crews are not expecting a big symptoms, but they are expecting enough snow to make highways hazardous in just about every direction you can go. >> i do have travel plans, and that's to stay home. >> if you haven't been think about driving in winter weather now is the time. >> reporter: at the command center in hanover, maryland, laura is keeping tabs on the developing forecast. >> it's never a good time to drive at the onset of a storm. so fur planning on traveling this weekend keep a close eye on the winter storm on saturday, and if possible, delay travel until later in t
taken out because of the payroll tax, or they are going to lose deductions. most of the time they won't see a big deal until their first paycheck next year comes in. >> linda, president of tax masters in rockville, thanks for joining us and answering our viewers question. >> thank you, matt. >> highway officials throughout the region are warning holiday weekend travelers to stay off the roads if possible, he is special tomorrow morning. >> reporter: i'm scott broom in...
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let's start with tax revenue. these are the nation's tax revenues. what you have your is just over 2 trillion in income. that's all it is really. and look at these euros. a very big number. the spending in the federal budget. you will notice to these numbers bigger than that. not good. the deficit, like how much debt or adding. over a trillion. just when you're. federal government runnng a a tab of a rillion. we talk about this number of the me. let's get this zero's again. a very big number. tough to get your arms around these numbers. when you see it on a piece of paper it's easier. i thought it would be even easier ifwe thought about one american household. what if each of those numbers translate it into one family. if you ran the household like the federal government here is what you would be looking at. your family income, 24400. your spending, 305,400. look at this. what's going on? you can't do this. if you were spending 35,000 only had 24,000 coming in, that's a nightmare. the new debt would be 10,900. it's a nightmare. so let's talk about yo
let's start with tax revenue. these are the nation's tax revenues. what you have your is just over 2 trillion in income. that's all it is really. and look at these euros. a very big number. the spending in the federal budget. you will notice to these numbers bigger than that. not good. the deficit, like how much debt or adding. over a trillion. just when you're. federal government runnng a a tab of a rillion. we talk about this number of the me. let's get this zero's again. a very big number....
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Dec 30, 2012
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about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president. it's clear that the democrats are saying that the president is the one who won't -- you know, who doesn't want to put up a counteroffer. so we'll see. >> changes by the hour. >> candy crowley, thank you as always, we'll be in touch. >> all eyes continue to be in washington as the cliff gets closer, the president insists 0 a tax hike for the rich. but the republicans won't budge. something has got to give. a.b. stoddard weighs in. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and
about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president....
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Dec 24, 2012
12/12
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you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has groups concerned. democrats are critical of the president putting this issue on the table. republicans say it has to be. guest: despite the conversations about the grand bargain, it was never going to happen, there had not been enough preparation. one of my predictions from my column in 2012 was predictions for next year. what i am telling everybody is we are not going to get a big tax reform package next year because it takes two years to enact. without that, we will not get mandatory spending changes. that means the grand bargain is two years off. it cannot be part of the fis
you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has...
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they don't like the tax penalty for it. would you give them a tax holiday? you have to put it to use and do something? >> they tried that n 2004 and th brought back hundreds of villains. they put the murders and bonuses and what we have to do is recognize the president obama is not an economic dictator. the federal reserve can bring interest industry rates much lower. so we ha to go to these two other areas are overwlming support of inflation adjusted minimum wage. >> i'm not alone in an environment like this, how are you going to compel businesses, fast food joints and the rest, but it's in there interestto raise the rates when they are barely getting by as it is just as henry ford did back before world war i to $5. he said he wanted people to buy the cards. that's what you got to do. neil: so what about substance of the country where they have jobs with $10 an hour. were people really aren't jumping on these jobs. where we have a country where help wanted advertising is at an all-time ig. a lot of people, for whatever reason, it are having trouble with wor
they don't like the tax penalty for it. would you give them a tax holiday? you have to put it to use and do something? >> they tried that n 2004 and th brought back hundreds of villains. they put the murders and bonuses and what we have to do is recognize the president obama is not an economic dictator. the federal reserve can bring interest industry rates much lower. so we ha to go to these two other areas are overwlming support of inflation adjusted minimum wage. >> i'm not alone...
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Dec 29, 2012
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taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in fur years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in th
taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any...
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Dec 30, 2012
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we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just about everywhere know that low capital gains tax rates are crucial for a growthof economy and entrepreneurship and high-technology industries. gerri: so what if we compare favorably with a lot of developed countries out there -- what would be the practical effect? >> it will slow the flow of venture capital and investment for high-technology companies. if you think about every major high-tech company like apple or microsoft or ebay or amazon, they were all nurtured by high income people putting money in early on to these startup companies. we dramatically cut the capital gains ta rate from 4
we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just...
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>> pay both but then you get what is called a foreign tax credit for your foreign taxes paid. basically the u.s. treasury taxes you on "your world"wide income. however, it does ccedit you for some of the foreign taxes you've paid. adam: would the credit, would the credit, wouldn't that minimize the impact of the increase here in the united states? or is it the other direction and forces investors to seek invests overseas as opposed to here where they pay the higher capital-gains tax rate? >> what is imrtant here we want foreign investors to come to the united states and vest in our growth companies and our high-tech companies. if we have a high capital-gains tax rate it will hit those foreign investors. so we want, investment money flowing into the united states. if we have high tax rates we'll be scaring away that inflow of investment. adam: we certainly saw a lot of people selling off some of their assets at least in equities up until today in order to avoid the higher capital-gains tax. >> oh, that's right. capital gains. thank you very much. adam: we have to wrap it up her
>> pay both but then you get what is called a foreign tax credit for your foreign taxes paid. basically the u.s. treasury taxes you on "your world"wide income. however, it does ccedit you for some of the foreign taxes you've paid. adam: would the credit, would the credit, wouldn't that minimize the impact of the increase here in the united states? or is it the other direction and forces investors to seek invests overseas as opposed to here where they pay the higher capital-gains...
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Dec 29, 2012
12/12
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but those two things will offset the estate tax, as i understand it, is a big sticking point. obama wants to see it go up. the senate republicans will insist that it stays at its current rate. this is what happens when you make deals with very little time to spare. you basically force your respective party forces to swallow what you give him. >> thank you. we'll be back in a moment. this is "hardball" the place for politics. this is flo. i need you. i feel so alone. but you're not alone. i knew you'd come. like i could stay away. you know i can't do this without you. you'll never have to. you're always there for me. shh! i'll get you a rental car. i could also use an umbrella. fall in love with progressive's claims service. >>> welcome back to "hardball." what will a deal look like, if there is one, and who's going to wind up giving up more on the tax cuts for wealthy americans. harry reid says $250,000 is a threshold, but that may not hold. joining me now, josh green. josh, for the markets, for the business community, whether it's 250,000, i know it's a big deal for politicia
but those two things will offset the estate tax, as i understand it, is a big sticking point. obama wants to see it go up. the senate republicans will insist that it stays at its current rate. this is what happens when you make deals with very little time to spare. you basically force your respective party forces to swallow what you give him. >> thank you. we'll be back in a moment. this is "hardball" the place for politics. this is flo. i need you. i feel so alone. but you're...
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and if you don't do that, the taxes are going to go. gerri: all right, we are going to take a break right now. but we will break into programming the minute that anybody goes to the senate if we hear from the vice president. rich edson is covering all this for us on capitol hill. the fox business team is in place here on sixth avenue. two hours left from the fiscal cliff. the revelers are ready to party, and we are here for you all night. back to the programming totion e that injunction against the contraceptive mandate? >> it is a surprisingri, pringlehey lt be >> a christian-based company, and they think that that is part of their credo, and 10mandment l commandments, the golden rule. the living hearing purchase pilt will kill babies. we are not going to do it. but the circuit court, the appeals court said we are going to hold up that ruling against it. in this particular case, the court says you are right that your religious exercise is something limited. you can still were shut and you say to that you are limited wit. rtgard to obam
and if you don't do that, the taxes are going to go. gerri: all right, we are going to take a break right now. but we will break into programming the minute that anybody goes to the senate if we hear from the vice president. rich edson is covering all this for us on capitol hill. the fox business team is in place here on sixth avenue. two hours left from the fiscal cliff. the revelers are ready to party, and we are here for you all night. back to the programming totion e that injunction against...
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Dec 29, 2012
12/12
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we know the republicans are going to lose the fight of taxes because tax rates are going to go up for every -- the only question is how many people they go up for. so if you already know what the outcome is going to be, the question is how much punishment do they want to take? it is possible that they would wait after january 1. they could say we're going to cut taxes now instead of vote to allow them to go up. gwen: let's move on. because there's one more thing we want to go to. from iran to syria to libya to egypt to israeli, palestinian standoff over gaza, the obama administration's wishes have seldom been.raedpt >> we and the world haveed join in condemning the brutality of the assad regime. >> no one wants to determine what happened that night in benghazi more than the president and i do. >> and this administration has either been guilty of colossal incompetence or engaged in a coverup. >> a red line should be drawn right here. before iran completes the second stage of nuclear enrichment necessary to make a bottom. >> -- bomb. >> i will not keep american es in harm's way a single
we know the republicans are going to lose the fight of taxes because tax rates are going to go up for every -- the only question is how many people they go up for. so if you already know what the outcome is going to be, the question is how much punishment do they want to take? it is possible that they would wait after january 1. they could say we're going to cut taxes now instead of vote to allow them to go up. gwen: let's move on. because there's one more thing we want to go to. from iran to...
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Jan 1, 2013
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and the estate tax, that was a big sticking point for lawmakers, and now the tax rate goes up to 40% for estates that are valued over $5 million. so if you're under $5 million, you skated there too. other key points are an extension of the long-term unemployment benefits. the renewal of tuition and child care tax credits and then something called the doc fix. it reimburses doctors who take medicare patients. and what about the automatic spending cuts that were supposed to go into effect today? doomsday, yikes. they put those off. but only for two months. that's the plan that the senate stayed up real, real late to accomplish. but it's time for the house to have its say. you didn't think it was over, did you? correspondent dana bash is on capitol hill. she works late shs she works early. she hasn't stopped. this has been a frustrating several weeks for people. it seemed there was some good will. especially with the vote. that's the senate. how different might things be when it comes to the house or do we even have an idea? >> reporter: e we don't have an idea yet. just the fact that t
and the estate tax, that was a big sticking point for lawmakers, and now the tax rate goes up to 40% for estates that are valued over $5 million. so if you're under $5 million, you skated there too. other key points are an extension of the long-term unemployment benefits. the renewal of tuition and child care tax credits and then something called the doc fix. it reimburses doctors who take medicare patients. and what about the automatic spending cuts that were supposed to go into effect today?...
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Jan 1, 2013
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cuts in $41 in taxes. recognizing there will be trouble attracting support for the bill, vice president joe biden returned to capitol hill again today to encourage house democrats to support the compromise he negotiated. after the meeting, the house democratic leaders pushed for up-and-down vote on the package noting it's after the fiscal cliff deadline. >> taxes will go up on everybody in america if we don't act. those who are relying on unemployment insurance, million reconciliation relying up on unemployment insurance to support themselves and their families. if we don't act, we will be at risk. >> the leader emphasizeed bipartisan support up until now. >> a bill passed in the united states senate 89-8. tell me when you have had that on a measure as controversial as this. >> house republicans pushed for quick package arguing it's too late for amendments. >> too late in the game. a point in the deal where it's done, and we keep trying to tinker with it to make it perfect. >> the leadership team were not
cuts in $41 in taxes. recognizing there will be trouble attracting support for the bill, vice president joe biden returned to capitol hill again today to encourage house democrats to support the compromise he negotiated. after the meeting, the house democratic leaders pushed for up-and-down vote on the package noting it's after the fiscal cliff deadline. >> taxes will go up on everybody in america if we don't act. those who are relying on unemployment insurance, million reconciliation...
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Dec 31, 2012
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, the tax issues. we are very, very close. adam: close but you no cigar. the u.s. falls off the fiscal cliff at midnight despite something in the work. you heard what senate minority leader mitch mcconnell said earlier today. we have members from both the house and senate on what happens next. i'm adam shapiro, in for melissa francis. on "money" the capital-gains tax in the cross-hairs. the capital-gains tax will spike in the new year. how can investors protect themselves from the coming blow? respect your elders or else. a parents dream, a child's burden. adult children forced to financially support mom and dad and pay regular visits in one major country. we'll tell you where and why they're doing it. even when they say it's not, it is always about money adam: had enough of the fiscal cliff yet? before we go there, let's take a look at the day's market headlines a whipsaw for the session for the markets on their last trading day of the year. signs congress was taking major steps toward a fiscal cliff
, the tax issues. we are very, very close. adam: close but you no cigar. the u.s. falls off the fiscal cliff at midnight despite something in the work. you heard what senate minority leader mitch mcconnell said earlier today. we have members from both the house and senate on what happens next. i'm adam shapiro, in for melissa francis. on "money" the capital-gains tax in the cross-hairs. the capital-gains tax will spike in the new year. how can investors protect themselves from the...
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Jan 1, 2013
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and the alternative minimum tax and capital gains and those are the outlines of the tax portions of the deal still not buttons up yet. >> we will see you later in the program. we appreciate everything you have done today and we have more information from amon. what are you hearing? >> we are expecting that vice president biden might be coming up here to talk to democrats. a lot of these members do not like being here on new year's eve. they are working through a lot of the scoring details of a new package here. but he expects that there might be a vote in the next couple of hours in the senate. take a listen. >> it is not something that any of us would say oh, i love it. i don't live love it but i thin good job of negotiating where there are some wins and losses and it is about even. >> house republicans are keeping their powder dry. >> he wants to wait and see it on paper before he commit to voting for it. so right now at least we don't know whether a deal that is likely to pass in the senate could pass the house of representatives. are you surprised and isn't it interesting that vice
and the alternative minimum tax and capital gains and those are the outlines of the tax portions of the deal still not buttons up yet. >> we will see you later in the program. we appreciate everything you have done today and we have more information from amon. what are you hearing? >> we are expecting that vice president biden might be coming up here to talk to democrats. a lot of these members do not like being here on new year's eve. they are working through a lot of the scoring...
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people are here to make tax deadline its the last day for tax write off. it's not the only reason why i donate but, why not? >> goodwill says tax write off is more an incentive in some areas than other autos research has shown it's more important in sanwó6) mateo couny n marin, it's the environment. san francisco, it's the environment. but the way we help people. >> the region is generous, people in the bay area give more than 20 million pounds of stuff each year. a good chunk comes in this week. workers here say the stuff is good. >> we get chanel, prada, we get michael kors. what you find at macy's and blooming daels you'll also find at goodwill. >> check it out. they had to bring in police officers to help with traffic. they say the turn out has been better than they expected and will be herefmj2Ñ at mission stt until 5:00 this afternoon. >> pope benedict call forward medication and reflection. 85-year-old pope says there more good news than bad news in the world even in the bad grabs more headlines and urged followers to tick a step back from negativ
people are here to make tax deadline its the last day for tax write off. it's not the only reason why i donate but, why not? >> goodwill says tax write off is more an incentive in some areas than other autos research has shown it's more important in sanwó6) mateo couny n marin, it's the environment. san francisco, it's the environment. but the way we help people. >> the region is generous, people in the bay area give more than 20 million pounds of stuff each year. a good chunk...
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Dec 31, 2012
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the estate tax. the amt, the doc fix. it's more than just rates that we're talking about here, and it's more than just the sequester. there's all these patches. any clarity on those? >> reporter: you're absolutely right. there's so much. on the payroll tax, i have not heard anybody talk about continuing that. it doesn't mean it might not pop up at the last-minute, but what it means is that everything will see a little bit of a bite taken out of the paycheck no matter what because the payroll tax holiday gifforoes away. on the amt, many of us working the story at cnn were told they're talking about patching it that permanently. then i got anner mail from a democratic source saying it's not true. the estate tax lower than it was on the table seems to still be on the table. all of these things are still worked out. you're absolutely right. there's so mauch here and affecs people where it matters most, in their wallets and paychecks. >> parents, teachers, college students, every working american, doctors
the estate tax. the amt, the doc fix. it's more than just rates that we're talking about here, and it's more than just the sequester. there's all these patches. any clarity on those? >> reporter: you're absolutely right. there's so much. on the payroll tax, i have not heard anybody talk about continuing that. it doesn't mean it might not pop up at the last-minute, but what it means is that everything will see a little bit of a bite taken out of the paycheck no matter what because the...
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Dec 30, 2012
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estate tax, that's a big sticking point. the senate republicans will insist it sticks at its current rate. >> thank you. we'll be back in a moment. this is "hard ball," the place for politics. [ buzzing ] for politics. bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. starts with arthritis pain and a choice. take tylenol or take aleve, the #1 recommended pain reliever by orthopedic doctors. just two aleve can keep pain away all day. back to the news. "are you a cool mom?" i'm gonna find out. [ female announcer ] swiffer wetjet's pads are better than ever. now they have the scrubbing power of mr. clean magic eraser so you don't have to get down on your hands and knees to scrub away tough, dried-on stains. hey, do you guys think i'm "momtacular" or "momtrocious"? ♪ [ female announcer ] swiffer. now with the scrubbing power of mr. cl
estate tax, that's a big sticking point. the senate republicans will insist it sticks at its current rate. >> thank you. we'll be back in a moment. this is "hard ball," the place for politics. [ buzzing ] for politics. bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. starts with...
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Dec 31, 2012
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to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it isn't. i think there's blame on both sides. one of the frustrations when i go to republican source on capitol hill they say the president is in the same place negotiation as he was 6 weeks ago that is to say you were right when there was spending problem. we are spending 1.2 trillion more than we take in. the amazing thing five, six weeks into the negotiations the president hasn't proposed a single spending cut. it is an amazing thing. >> this is what is so incredible. there isn't any discussion other than the blame game. i will talk about this later in the show the president
to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it...
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your taxes may go up in 2013. top leaders back to a short-term extension of a farm law that would keep prices from rising. at least 24 colleges have frozen tuition and then leased eight have cut tuition including scene haeton hall. i'm jane king with the bloomberg business report. >> we know the ravens are in the playoffs and now we know who they will be playing. >> don't forget to e-mail us your response to our water cooler question of the day. what are you looking forward to in 2013? you can share your response at wbaltv.com and on our facebook page, or send us an e-mail to watercooler@wbaltv.com. >> 18 to 1 are the odds the ravens were given to win the super bowl. >> there are two constance with the ravens, joe flacco and the health.ltam >> we have a couple people out on defense. >> they can get to the super bowl if they can keep everyone. we have everyone that we need. >> we want to hear your take on the ravens' postseason playoffs. >> 5:26. fiscal impact. >> the nation teeters on the edge of the fiscal cliff.
your taxes may go up in 2013. top leaders back to a short-term extension of a farm law that would keep prices from rising. at least 24 colleges have frozen tuition and then leased eight have cut tuition including scene haeton hall. i'm jane king with the bloomberg business report. >> we know the ravens are in the playoffs and now we know who they will be playing. >> don't forget to e-mail us your response to our water cooler question of the day. what are you looking forward to in...
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Dec 31, 2012
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tax absolutely. we can give reasonable benefits, controlled, smart spending with, do all those things and keep tax cuts at a reasonable rate. >> with the average single income household. let's say the man works, wife doesn't, or vice versa. it is $6 used versus every $1 paid in. 6-1. can clearly unsustainable. >> we need far more fundamental reform. what the governor expects to avoid massive tax increases. >> who's got the guts to do that? feels as if kufrnt congrecurren do not, jimmy. >> the president trashed it in the campaign. i think that's the medicare reform we need. does that mean revenue is at 18% of gdp for infinite? i don't know about that. >> i would like to ask you, governor, what did you think of what obama was saying? do you feel he moved the ball forward or backwards? >> i think the deal will go down regardless because the embarrassment would be so great for not going it. >> who in particular do you think is causing that embarrassment? >> i think washington, d.c. everyone. rs everyone.
tax absolutely. we can give reasonable benefits, controlled, smart spending with, do all those things and keep tax cuts at a reasonable rate. >> with the average single income household. let's say the man works, wife doesn't, or vice versa. it is $6 used versus every $1 paid in. 6-1. can clearly unsustainable. >> we need far more fundamental reform. what the governor expects to avoid massive tax increases. >> who's got the guts to do that? feels as if kufrnt congrecurren do...
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Dec 29, 2012
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but those two things will offset the estate tax, as i understand it, is a big sticking point. obama wants to see it go up. the senate republicans will insist that it stays at its kurnt rate. this is what happens when you make deals with very little time to spare. you basically force your respective party forces to swal slow what you give him. >> thank you. we'll be back in a moment. this is "hardball" the place for politics. we're all having such a great year in the gulf, we've decided to put aside our rivalry. 'cause all our states are great. and now is when the gulf gets even better. the beaches and waters couldn't be more beautiful. take a boat ride or just lay in the sun. enjoy the wildlife and natural beauty. and don't forget our amazing seafood. so come to the gulf, you'll have a great time. especially in alabama. you mean mississippi. that's florida. say louisiana or there's no dessert. brought to you by bp and all of us who call the gulf home. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often han
but those two things will offset the estate tax, as i understand it, is a big sticking point. obama wants to see it go up. the senate republicans will insist that it stays at its kurnt rate. this is what happens when you make deals with very little time to spare. you basically force your respective party forces to swal slow what you give him. >> thank you. we'll be back in a moment. this is "hardball" the place for politics. we're all having such a great year in the gulf, we've...
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rates, which are tax rates we haven't seen since the year 2000, clinton era tax rates until february 15th. in that respect you do have a little bit of time to work things out. but on top of that you also got the debt ceiling coming. there are only $200 billion worth of spending room left according to the treasury department. so all of these issues are coming into play here. there are a number of lawmakers who want to get this out of the way. they don't want to be responsible for a major tax hike which already has happened. they want to get this done and move on. there are still republicans who say you have to have spending cuts in this deal. we're not tired of not having enough spending cuts. the deficit is still too much of a problem. >> a lot of deadlines in play. they don't seem to be speeding things up rich, so far. we're so glad you're there keeping track of this for us. >> thanks, diane. >> that is the latest on the fiscal cliff negotiations in washington. we'll be back at top of the hour or break in anytime if we get more news. fox business will have live coverage tomorrow mor
rates, which are tax rates we haven't seen since the year 2000, clinton era tax rates until february 15th. in that respect you do have a little bit of time to work things out. but on top of that you also got the debt ceiling coming. there are only $200 billion worth of spending room left according to the treasury department. so all of these issues are coming into play here. there are a number of lawmakers who want to get this out of the way. they don't want to be responsible for a major tax...
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Dec 28, 2012
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people are not propose iing mak the taxes like them. john boehner could not even pass the tax proposal he passed over there. he said no, can't do that. didn't he bring it up for a vote? >> tonight, speaker boehner's office put out this statement. >> joining me now are our guests. clearly the positioning game continues. harry reid saying we did our job months ago. do you think we til would be@posturing stage at the end of that white house meeting tomorrow? >> in your introduction you made the fundamental point here which is that this agreement before the end of the year, simply cannot go forward unless john by nor is willing to let it do so with majority democrats in the house. if we go over the curve as you put it, they can vote for a large tax decrease becaused off of the new rates that would be reset. they can say we votes to cut taxes for 98% of households. but it is the only scenario that i cap see out there in the near term. >> the building that read has passed. let's lis ep to what mitch mcconnell said about that? >> the senate bi
people are not propose iing mak the taxes like them. john boehner could not even pass the tax proposal he passed over there. he said no, can't do that. didn't he bring it up for a vote? >> tonight, speaker boehner's office put out this statement. >> joining me now are our guests. clearly the positioning game continues. harry reid saying we did our job months ago. do you think we til would be@posturing stage at the end of that white house meeting tomorrow? >> in your...
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threshold at $450,000 a year for taxes to go up. republicans are looking for $550,000. democrats are no longer insisting on raising the estate tax on the very wealthy. they will now agree apparently to an up or down vote. that was key for republicans. still, both sides remain far apart on extending unemployment benefits and on the sequester. of course that is when the steep automatic spending cuts would slash budgets at the pentagon and other government agencies. let's bring in "usa today" washington bureau chief susan page and "the washington post" congressional reporter ed o'keefe. good morning to both of you and happy new year. >> good morning. >> same to you. >> the senate returns in about an hour. how close are they? what are you hearing? >> you know, i think it is conceivable that we'll have a new year's eve miracle and there will be a deal but i think the safe bet is against it. for this to happen in the next 14 hours you need to have no senator object to a majority vote, you know, any senator can start to filibuster and forc
threshold at $450,000 a year for taxes to go up. republicans are looking for $550,000. democrats are no longer insisting on raising the estate tax on the very wealthy. they will now agree apparently to an up or down vote. that was key for republicans. still, both sides remain far apart on extending unemployment benefits and on the sequester. of course that is when the steep automatic spending cuts would slash budgets at the pentagon and other government agencies. let's bring in "usa...
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apparently they've got the income tax level, the estate tax, capital gains tax, phase out deductions for people making over 250. when do we start to see the sequestration of the spending cuts? that really is the sticking point, right? >> i would prefer the republican approach, in that case, if that's what they want. i think -- we want another cliff to occur with the debt ceiling in order to force people to get together as they have today. >> right. >> look, here's the deal. i have never believed that taxing rich people is some sort of a moral imperative. my problem is, and i think the cliff is preferable to what's going on is not enough revenue in this. yeah, sure, you're going to tax people who make a lot of money and we can afford it. i think that's fun. it doesn't raise enough money to deal with the e deficit in a serious way. if you have the tax stuff you talked about, plus a significant spending sequester, you can get the spending cuts that you need in order to make a down payment on the deficit. this is really -- this is a political solution more than it is an actual deficit. >
apparently they've got the income tax level, the estate tax, capital gains tax, phase out deductions for people making over 250. when do we start to see the sequestration of the spending cuts? that really is the sticking point, right? >> i would prefer the republican approach, in that case, if that's what they want. i think -- we want another cliff to occur with the debt ceiling in order to force people to get together as they have today. >> right. >> look, here's the deal. i...
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Dec 28, 2012
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president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will be working hard to see if we can get there in next 24 hours and so i am hopeful and optimistic. >> reporter: but the sticking point remains finding something that can make it through the house with enough support from republicans. >> it seems like the 250 threshold that the president proposed previously is unlikely to pass the house in its current form, and so without some sort of additional compromise there, it seems unlikely that we're going to get something done before the end of the year. >> susie: you know thanks for that report. i am just wondering from all of the reporting you have done, do you think we are better
president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will be...
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president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will be working hard to see if we can get there in next 24 hours and so i am hopeful and optimistic. >> reporter: but the sticking point remains finding something that can make it through the house with enough support from republicans. >> it seems like the 250 threshold that the president proposed previously is unlikely to pass the house in its current form, and so without some sort of additional compromise there it seems unlikely that we're going to get something done before the end of the year. >> susie: you know thanks for that report. i am just wondering from all of the reporting you have done, do you think we are better of
president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will be...
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, not a rise in taxes? >> chuck schumer brought up a good point. a key moment of these entire negotiations came on wednesday night when president obama calls mitch mcconnell, bring the republican leader in the process. what happens now is very important. as sam said, they'll be negotiating today and over the weekend in the senate. and if this $250,000 comes to the floor, if a few republicans attach themselves to what reid and obama agree to, then that means when it pose gophers to the house it has a much better chance of attracting republican support. if mitch mcconnell aligns republicans and tells everyone to oppose it in the senate republican conference, the chances of it succeeding in the house are pretty low. >> sam, is this the end of the road for grover norquist and his pledge? >> it's odd because grover was the one sort of outside government institution on the conservative side who agreed with speaker boehner's plan "b" which would have allowed taxes to go up above $1 million in income. all the other
, not a rise in taxes? >> chuck schumer brought up a good point. a key moment of these entire negotiations came on wednesday night when president obama calls mitch mcconnell, bring the republican leader in the process. what happens now is very important. as sam said, they'll be negotiating today and over the weekend in the senate. and if this $250,000 comes to the floor, if a few republicans attach themselves to what reid and obama agree to, then that means when it pose gophers to the...
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my taxes went up. fiscal cliff could cause some people's taxes to go up enough. adam: they tight enup spending. >> tight enup spending. lenders do the same thing on the backside. i don't know if you will have your job. i don't know if the credit rating will hold back letting money go. adam: what you described this is a great lesson in federal reserve speak. this is negative feedback loop. everyone tightening out of fear. let's take it a step further. we don't know what the tax situation will be and lay in tax returns, people use that for down payment when would they get that to put a down payment on a car, right. >> people think i don't have the money. maybe i don't want to maintain my existing car. we hope that is the case. nine out of 10 cars have something wrong with them on the road. if you don't do the basic maintenance that may be only way to keep your job to get your family to where they want to go. that is all dollars and cents. adam: in new york, nine out of tense cars the big problem is the driver in the other car. >> that is all across the country. ada
my taxes went up. fiscal cliff could cause some people's taxes to go up enough. adam: they tight enup spending. >> tight enup spending. lenders do the same thing on the backside. i don't know if you will have your job. i don't know if the credit rating will hold back letting money go. adam: what you described this is a great lesson in federal reserve speak. this is negative feedback loop. everyone tightening out of fear. let's take it a step further. we don't know what the tax situation...
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among the points with headway, the tax hike threshold, the estate tax and extending unemployment benefits. the remaining sticking point is rumored to be the automatic spending cuts. collectively called the sequester you have been hearing about poised to kick in tomorrow. let's get to nbc white house correspondent kristen welker there for us. what was the point here? the president decided to come out and that bully pulpit can be a powerful weapon. >> reporter: certainly can be. good afternoon to you, t.j. the president using the bully pulpit. this is a part of the pressure on congress but also democrats who might be skeptical of this compromise that is coming to fruition so he came out today with middle class americans standing behind him and made the argument if we do, in fact, go over the cliff, if the steep tax hikes and spending cuts kick in to effect tomorrow, that the average american would see their taxes increase by about $2,000. this is an argument that he has been making for quite sometime now and appeared on "meet the press" this week with a similar argument and the event a part
among the points with headway, the tax hike threshold, the estate tax and extending unemployment benefits. the remaining sticking point is rumored to be the automatic spending cuts. collectively called the sequester you have been hearing about poised to kick in tomorrow. let's get to nbc white house correspondent kristen welker there for us. what was the point here? the president decided to come out and that bully pulpit can be a powerful weapon. >> reporter: certainly can be. good...
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Dec 26, 2012
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and i didn't vote to raise your taxes. as simplistic as that is, i think it's true so i think they let us go over and then cut the taxes and they undo all the good the cliff could actually do. >> but there's no real spending cuts. that's part of the problem. it's all talk. there's no real cuts in the cliff. >> you guys sound like congress. keep on arguing behind the scenes. enjoy yourselves. thank you so much, michael. peter, you're sticking around. >>> meantime, the fiscal cliff may be a big deal but there is another threat out there which might be in the short term more risky. the container cliff. businesses up and down the eastern seaboard are bracing for a massive port showdown as unions threaten to strike and possibly shut down most imports and exports out of this country. let's add in cnbc contributor jimmy peeb. we focus so much on the fiscal cliff. if we shut down 14 or 15 of the biggest ports in america, that could do much more harm than any fiscal escarpment. >> it could do much more harm more quickly. the fiscal
and i didn't vote to raise your taxes. as simplistic as that is, i think it's true so i think they let us go over and then cut the taxes and they undo all the good the cliff could actually do. >> but there's no real spending cuts. that's part of the problem. it's all talk. there's no real cuts in the cliff. >> you guys sound like congress. keep on arguing behind the scenes. enjoy yourselves. thank you so much, michael. peter, you're sticking around. >>> meantime, the fiscal...